GREECE, THE GLOBAL ECONOMY AND US .
By Rex Taylor
I’ve been reading some interesting information surrounding the impending disaster with Greece and the effects that may/will have on the Global Economy and, in particular the Australian scenario. (And let me tell you right from the outset, I’m no financial guru. I’m just your average ‘Joe’ albeit retired.)
It comes from a book by Jim Rickards (google his name) wherein he makes the following observations (and predictions).
You may or may not recall the last Global Financial Crisis at a time when Australia escaped recession & losses predominantly as the Govt of the day enacted an injection to the economy by giving every household an amount of cash to be spent to stimulate the economy. And by all accounts at the time, the formula worked, notwithstanding one or two minor glitches.
The difference between then & now is that Australia was in the middle of the Mining Boom, an abundance of natural resources and was, it is said, a destination for capital.
However, the mining boom is now over, the price of iron ore has halved, resulting in less revenue for the Australian Government etc., and globally, coal is on the way out. And there seems no real fiscal management happening in Australia to protect the economy. Compared you might argue with some of the Scandinavian countries – but that may be the subject of another blog.
Looking at the USA, the four biggest banks on Wall Street are now over 30% larger than in 2007 — and the five largest American banks hold more than HALF of the total banking assets in the United States. That means they’re even more interconnected. Meaning if one fails, the rest will fail too like a series of dominos. Further, the US government has racked up an enormous debt — over US$18 trillion — DOUBLE the amount of debt that was present before the 2008 fiasco. (lifted straight from a review by Jim Rickards)
This man Jim Rickards seems to have a track record second to none and much of the above comes from a preview of his book THE BIG DROP. (again Google it)
“Doom & Gloom? Perhaps . . .”
My point in writing about all this is the need to have a personal insurance or escape plan to prevent from becoming a victim of the predicted impending global financial crisis.
None of us can predict how another Global Financial Crisis may affect us personally. If you are an employee, will your employer & company survive? And if not, should you become a victim and thrown onto the unemployment sector, how will you then maintain your own personal standard of living, mortgage, car payments, education expenses etc etc etc.
Self Employed . . .
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Rex . . .